Dubai fines 19 firms for unlicensed crypto operations
VARA issued cease-and-desist orders and financial penalties to firms operating outside its regulatory perimeter.
Dubai’s Virtual Assets Regulatory Authority (VARA) has stepped up enforcement efforts to protect the integrity of its digital asset sector, issuing penalties against companies operating without authorisation.
Nineteen firms have been fined for breaching marketing and licensing regulations, with penalties ranging from AED 100,000 to AED 600,000. Sanctions also include cease-and-desist orders, as VARA’s Enforcement Division continues to target unlicensed activities across the market.
The regulator reminded investors and institutions that engaging with unlicensed entities poses serious financial and reputational risks. Only firms holding a VARA licence are permitted to provide virtual asset services within or from Dubai.
VARA reaffirmed its commitment to a transparent market, stressing that enforcement is key to maintaining trust and stability. All sanctioned firms must stop operations immediately as VARA strengthens oversight to balance innovation and investor protection.
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